West­gate dis­trict for sale

The Arizona Republic - - Front Page - Perry Van­dell

The West­gate En­ter­tain­ment Dis­trict in Glen­dale is for sale — listed at $142 mil­lion — but peo­ple who go there on game days may not even no­tice.

The West­gate En­ter­tain­ment Dis­trict in Glen­dale is up for sale, but what will it mean to the crowds who flock there be­fore sport­ing events or on week­ends? Prob­a­bly not much.

CBRE Vice Pres­i­dent Jesse Gold­smith, one of the prop­erty’s bro­kers, said West­gate busi­ness own­ers shouldn’t no­tice a man­age­rial change, promis­ing to find the best owner for the job.

The ask­ing price is $142 mil­lion and Gold­smith said he ex­pects to close a sale this sum­mer.

iS­tar Fi­nan­cial Inc. has owned the com­mer­cial hub sprawled across nearly 47 acres near Loop 101 and Glen­dale Av­enue since 2011. The com­pany re­pos­sessed the prop­erty when the orig­i­nal de­vel­oper, Ell­man Cos., de­faulted on loan pay­ments. iS­tar failed to sell West­gate at a fore­clo­sure auc­tion so held onto it as the re­gion fought its way out of the re­ces­sion.

In 2012, iS­tar landed Tanger Out­lets as a third an­chor be­yond Gila River Arena and Univer­sity of Phoenix Sta­dium, of­fer­ing more con­sis­tent crowds than hockey and foot­ball games. Dave & Buster’s and mul­ti­ple other restau­rants and of­fice ten­ants opened at West­gate in the en­su­ing years.

iS­tar re­cently opened loft-style apart­ments at West­gate, which Gold­smith says are on tar­get to reach full oc­cu­pancy by early July rather than by year’s end as orig­i­nally pro­jected.

Devel­op­ment also has ex­panded to the area fronting Glen­dale Av­enue with a Dutch Bros. Cof­fee re­cently open­ing, and other restau­rant and en­ter­tain­ment op­tions com­ing.

With Ikea and Top­golf build­ing their first West Val­ley lo­ca­tions in the sur­round­ing area, the en­ter­tain­ment dis­trict’s reach has never been longer. next?

Chip Ma­honey, gen­eral man­ager of Bar Louie, said he had a good re­la­tion­ship with iS­tar since join­ing West­gate in 2016 and hopes for more of the same.

“The man­age­ment group that has run West­gate has been great,” he said.

Phoenix res­i­dent Kris­tain Hale brought his young daugh­ter to West­gate on a re­cent af­ter­noon to play in the splash pad area. Hale said he likes West­gate’s the restau­rants, but hopes to see more kid-friendly op­tions.

“(West­gate) is mainly a bunch of pubs and tav­erns and stuff like that,” Hale said.

Glen­dale res­i­dent Gabriel Guer­rero called West­gate a fun place to hang out with friends, and couldn’t think of any­thing the area’s miss­ing.

The devel­op­ment boom is a stark con­trast to West­gate’s early years. The op­ti­mism at West­gate’s grand open­ing in 2006 evap­o­rated when the Great Re­ces­sion hit. With the eco­nomic up­swing, iS­tar may fi­nally get its buyer.

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